IFC Supports GT Bank Liberia to Boost Liquidity and Trade

Monrovia, Liberia. December 10, 2014
– IFC, a member of the World Bank Group, announced an agreement with GT
Bank Liberia to provide a $7.5 million liquidity facility. It will support
the importation of basic goods, including energy, food and agricultural
commodities, and other manufacturing goods that will help strengthen an
economy deeply impacted by the Ebola crisis.

The IFC support is provided through the Ebola
Emergency Liquidity Facility, a rapid response facility combining working
capital and trade support that will provide US dollar liquidity to finance
import of basic goods in Liberia. This IFC initiative is part of the World
Bank Group’s broad effort to respond to the Ebola epidemic and prepare
for economic recovery in the countries most affected by the crisis.

“As the Ebola crisis continues, trade and
business activities are declining and reducing customers’ ability to promptly
meet repayment obligations. This increases liquidity risks in the banking
system" said Dan Orogun, Managing Director, GT Bank Liberia, “IFC,
our long term partner, is further demonstrating its commitment to the development
of the Liberian economy through this timely liquidity facility. Together
we believe this will help to ease the pressure on the economy, and support
Liberia's recovery.”

The primary cost of this tragic outbreak is
in human lives and suffering—but the crisis also is wiping out hard-earned
development gains in the affected countries, and will worsen already entrenched
poverty. A World Bank Group report from earlier this month issued
an economic update showing the Ebola crisis continues to cripple the economies
of Guinea, Liberia and Sierra Leone, sharply downgrading growth estimates
for 2014 and likely resulting in negative or contracting growth next year.

“Much international and local effort is being
channeled towards containing the virus, and IFC is working to bring liquidity
that will support businesses through this crisis and contribute to economic
recovery” said Frank Ajilore, IFC Country Representative for Liberia,
“The liquidity facility will give a boost to declining trade and improve
business activities that will support the recovery of the Liberian economy.”

The World Bank Group is mobilizing nearly
$1 billion in financing for the three countries hardest hit by the Ebola
crisis. This includes $518 million for the emergency response. The funding
is helping Guinea, Liberia and Sierra Leone provide treatment and care,
contain and prevent the spread of infections, help communities cope with
the economic impact of the crisis, and improve public health systems. IFC
aims to deliver at least $450 million in commercial financing that will
enable trade, investment and employment in Guinea, Liberia and Sierra Leone.

IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in about 100 countries, we use
our capital, expertise, and influence to help eliminate extreme poverty
and boost shared prosperity. In FY14, we provided more than $22 billion
in financing to improve lives in developing countries and tackle the most
urgent challenges of development. For more information, visit www.ifc.org